Skip to comments.Iceland Forgives Mortgage Debt for the Population.
Posted on 04/14/2012 6:48:29 AM PDT by edcoil
his is awesome. It shows when the people DO STAND UP they have more power and win against the corrupt bankers and politicians of a country. Iceland is forgiving and erasing the mortgage debt of the population. They are putting the bankers and politicians on the "Bench of the Accused." Which means I assume they are putting them on trial for corruption.
(Excerpt) Read more at sherriequestioningall.blogspot.co.uk ...
Free cheese for everyone!
Next, a chicken in every pot?
All liberalism is theft. This sounds like home buyers stealing from home renters.
otoh, it sound a bit like a "jubilee" year, and I guess that the prerogative of leadership.
Two chickens - and a pay increase to a thousand bucks an hour... Why not? It’s not like being a lowlife takes a lot of work...
A dream come true for mortgage holders, with economically lethal consequences.
Iceland has no intention of being rolled.
Iceland says NO to Debt-Slavery
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August 22, 2009
By Notsilvia Night (The Peoples Voice)
Here in Iceland people say, that if the country´s government agrees to give in to British and Dutch blackmail to pay the debts of the private internet-subsidiary Ice-Save of the private bank Landsbanki, we all will become Ice-Slaves. So public opinion is forcing the parliament to refuse unconditional debt-payments. According to a new agreement payments are only to be made conditional as a percentage of economic growth.
Already a large group of international banks have come together to sue Iceland for full and unconditional payments. Joseph Tirado, from the British law-firm Norton Rose said that a large group of banks will be part of this law-suit. He did not want to give the names of those institutions neither would he say in what court the case would be heard. EU officials and others are threatening Iceland with international isolation.
The problem is that every debt is someone else’s asset.
So wiping out all debt would result in a great many of the proponents losing their own assets. Not to mention crashing the entire world’s economic system.
What people really want is to wipe out their own debts while maintaining their own assets which are someone else’s debt.
Ain’t gonna happen.
Anywho, Iceland is a miniscule portion of the world economy. It can do whatever it likes without affecting the rest of us. If the USA were to do something similar, it drastically affects the entire world.
The flip side of this is that no international banking organization will likely do business with them for a long, long time. But considering the fact that no citizen of the country ever understood the complex nature of how they were being manipulated...this makes sense.
Very interesting, I’m not really sure of the long effects of this action.
Here in the United States I would be happy, nay...Delirious if the Property tax was made unconstitutional. As it stands now a property owner really doesn’t own their property. They merely rent it from the Government, because they can take it and sell it out from underneath the owner if those taxes are not paid.
In case you can’t tell, this is a major “thing” with me. Just another form of legalized theft.
I don’t foresee an avalanche of foreign investment rushing into the Icelandic financial markets anytime soon. I wonder if the Icelandic people understand that the money they won’t be paying back didn’t actually come from the bankers
Accounting is funny that way.
So you propose this would be appropriate here?
What about people like myself who lent money in good faith to home buyers with the expectation that I would recieve money back in interest and eventually, the principal?
That money that the bankers lent to the mortgage holders came from people like myself.
Should I just eat it as one of the evil rich?
I worked hard, very hard for that money I saved. A lot harder than most people would ever work in their lifetimes.
We have a very similar issue here in the U.S., but it is manifesting itself differently because this is a much larger country with much different considerations related to our currency. We've pretty much done the same thing in many cases, and the price we're paying for it is reflected in the inflationary indications we see as our currency loses value.
I’m with Opus. “Free Stuff” always has a flip side.
Jubilee has a lot of good features that should be given much more weight in modern times, IMHO.
Hope that Iceland is self sufficient in EVERYTHING. They are going to find out what happens if you lose access to credit for others:
No Letters of Credit for trade
Never again buy food without paying for it in advance
Same with oil imports
If an Icelandic tourist visits NY you better pay cash upfront or have a credit card issued outside the country
No fool would ever start a consumer finance company there. Good luck buying furniture, cars or electronics without credit.
If they do this their GDP will contract so much they won’t know what hit them. Kind of like living an Islamist dream economy from the 7th century . . .
Here in this country you have a bizarre situation where banks who can legitimately foreclose on homes due to unpaid mortgages are refusing to do so in many cases. This is because they know damn well that the mortgages aren’t just “underwater” (i.e., the homes are worth less than the balance on the loan), but that the homes securing the mortgages aren’t even “assets” anymore. In many cases, the cost of foreclosing, taking possession, and then owning the home for an indefinite period of time isn’t even worth the bank’s effort in the long run.
Or for the Libertarians, pot in every chicken. ;)